通信行业2025年度投资策略：基本面与宏观叙事共振，重视三大投资方向

Investment Rating - The report maintains a "Buy" rating for the communication industry, highlighting a solid fundamental performance and macro narrative growth attributes, indicating it remains a preferred allocation for excess returns in the future [1]. Core Insights - The report emphasizes three main investment directions: computing power, satellite communication/military communication, and telecom operators. It suggests that computing power is a high-certainty growth investment direction for 2025, driven by AI computing demands and infrastructure investments [1]. - The satellite communication sector is expected to see a fundamental upward inflection point, with strong upward revision momentum anticipated. Telecom operators are highlighted for their clear high dividend yield investment logic, contributing to stable returns [1]. Summary by Sections Computing Power Investment - Computing power is identified as a high-certainty growth investment direction for 2025, with four key sub-sectors recommended: 1. AI-driven computing power construction demand, with significant capital expenditure expected to continue increasing [1]. 2. Silicon photonics and CPO technology routes are seen as having high certainty, with domestic companies leading in silicon photonics [1]. 3. The IDC industry is experiencing improved trends, with AI technology iterations injecting new momentum into its development [1]. 4. Rapid expansion of global data centers and increased AI demand are driving a surge in DCI interconnection demand, with significant market growth expected in the coming years [1]. Satellite Applications - The low-orbit satellite sector is entering a dense launch period, with significant advancements in satellite manufacturing and terminal products. The report recommends companies like Shanghai Hanhua and Chengchang Technology [1]. - In satellite navigation, the Beidou system's transition to single-mode communication is expected to enhance signal switching safety, with a broad market outlook [1]. - Military communication is highlighted due to increasing defense spending and technological upgrades, with investment opportunities in military wireless communication and radar systems [1]. Telecom Operators - Telecom operators are noted for their high dividend yields, with China Mobile, China Telecom, and China Unicom maintaining high payout ratios of 71%, 70%, and 55% respectively, promising further increases in dividend rates [1].